Revised deadline and updates to FATCA guidelines

FACTA reporting

3 July 2015 | FATCA and CRS news

On 2 July 2015, the Commissioner for Revenue published the revised Guidelines for the Implementation of the FATCA Intergovernmental Agreement and the FATCA Regulations (the ‘FATCA Guidelines’). Section 1 of the FATCA Guidelines contains a list of the updates that have been effected which includes inter alia the following:

Modifications to holding company and treasury centre provisions;

Further clarification on the FATCA entity classification of trusts;

Amendments to the Investment Entity provisions, with particular emphasis on the FATCA entity classification of entities managed by individuals and private investment companies;

The introduction of a definition for the term “Controlling Persons’’;

Updates to the format for transmitting information to the Commissioner for Revenue in light of the launch of the FATCA Reporting Portal on the Inland Revenue Department website.

In light of these updates, the Commissioner for Revenue has also revised the deadline for FATCA reporting to 31July 2015.

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Marc joined Deloitte in 1994 immediately after graduating in Accountancy from the University of Malta. Following an initial period within the audit function of the firm, he moved to the tax function w... More

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Luca is a member of the international tax team within Deloitte Malta’s tax practice. During his period with Deloitte Malta, Luca has been involved in a number of advisory engagements for clients acros... More

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